Bridgeland to get retail, multifamily

Bridgeland, The Howard Hughes Corp’s. (NYSE: HHC) latest master-planned development, is set to have more retail and a multifamily project. In addition, the community has set aside land to accommodate up to eight more schools.

Representatives with the community said no contracts have been signed just yet, but they are in negotiations with a major drug store. Plans also include multiple restaurants within the community, as well as Class A office space and a grocery store. Plans for the community also include a multifamily complex to be built at the corner of Fry Road and the yet-to-be-cut Central Bridgeland Parkway, with retail space along Fry Road.

Representatives from Howard Hughes couldn’t provide further information on the multifamily complex or the retail.

Pope Elementary, the first two-story elementary school built in the Cy-Fair Independent School District since the 1970s, is located in Bridgeland, with land reserved within the master-planned community to accommodate up to eight more schools serving three school districts: Cy-Fair, Katy and Waller.

Dallas-based Howard Hughes will begin development on the next phase of Bridgeland this month on 1,200 to 1,400 lots over 800 acres, with houses ready for sale in the third quarter this year. The 11,400-acre master-planned community in Cypress is dissected by the Grand Parkway, situated halfway between the Exxon Mobil Corp. (NYSE: XOM) campus in the Woodlands and Houston’s Energy Corridor. Inventory in the Woodlands is almost sold out, which means growth is expanding to areas surrounding the Woodlands.

“These sorts of communities are becoming the center point of gravity for many of their residents, where they can live, work and play all in the same area,” said Tim Welbes, president of The Woodlands Development Co.

Home prices for the new Bridgeland neighborhood, called Hidden Creek, will range from $200,000 to $1 million. A price for the overall master-plan project was not available. Home builders have yet to be selected.

The community also includes 3,000 acres of parks and green space, 60 miles of trails and 900 acres of stocked lakes as well as a variety of pocket parks with playgrounds. Playgrounds for young children are situated near starter homes, while parks with play equipment for older children will flank homes geared toward more established homebuyers.

“We’re not just paving streets and selling lots. There is a lot of thought that goes behind these plans,” said Welbes.

Established in 2006, Bridgeland currently has 2,000 homes with thousands of lots left for development, making it a contender for the largest master-planned community in Houston, said Paul Layne, executive vice president of master-planned communities for The Howard Hughes Corp.

Welbes anticipates the community will be built out over the next 20 years.